JPMorgan Chase’s Jamie Dimon on Trump: No president wants interest rates to rise

By Matthew Rocco Published October 12, 2018 Business Leaders FOXBusiness Facebook Twitter Comments Print video JPMorgan is the bellwether of Wall Street: Jon Hilsenrath Wall Street Journal Global Economics Editor Jon Hilsenrath on the outlook for bank earnings. JPMorgan Chase CEO Jamie Dimon said Thursday the Federal Reserve is right to raise interest rates in response to a growing U.S. economy, but he’s not surprised that current monetary policy has rankled President Trump. Continue Reading Below “I’ve never seen a president who wanted interest rates to go up,” Dimon said in a call with reporters, according to the Washington Examiner. Dimon also said Fed Chairman Jerome Powell, who assumed the role early this year, is “doing an excellent job.” Trump has been a vocal critic of the Fed’s rate increases, saying last month that he was “not happy” with the latest hike. The president renewed that criticism this week, telling reporters that the Fed “has gone crazy” for setting higher rates. In a separate interview on Fox News’ “Fox and Friends,” Trump remarked that President Barack Obama was “playing with funny money” with near-zero interest rates during his tenure in the White House. “I’m paying interest at a high rate because of our Fed. And I’d like our Fed not to be so aggressive because I think they’re making a big mistake,” he said. Trump’s criticism came amid volatility in U.S. stocks, as the Dow recorded sharp declines due in part to concerns over climbing rates. Advertisement The Fed has… [Read full story]